Coinbase generated $674.1 million in revenue during the third quarter of 2023 compared to $590.3 million for the same period in 2022.
Coinbase beat analyst estimates after reporting third-quarter revenue of $674.1 million, a decline of 4.7% from the previous quarter but an increase of 14.2% from the same period last year."Q3 was a strong quarter for Coinbase," the company wrote in a letter to shareholders.
The company generated $172 million in USDC stablecoin interest income during the quarter. That's up from $151 in USDC interest income in the second quarter. Coinbase also generated less total transaction revenue, registering $288.6 million in the third quarter versus $365.9 million during the same period in 2022. This quarter’s transaction revenue was also down compared to the previous quarter.
Looking ahead, the company expects fourth quarter transaction revenues to come "flat" when compared to this quarter after generating about $105 million in transaction revenue for October.Earlier this week, Coinbase's service offering crypto futures trading to eligible retail U.S. customers went live. Now U.S. users can invest in "nano" bitcoin and ether contracts.
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